Commonwealth Bank Partners with Tesla to Offer Discounted Loans in Australia

The Commonwealth Bank of Australia has announced a partnership with Tesla to offer discounted loans for electric vehicles in an effort to accelerate the adoption of low-emission cars. As part of the deal, personal and business loans for Tesla vehicles will be available at a discounted rate on the Tesla website.

The Commonwealth Bank has been actively promoting the use of electric and hybrid vehicles, and this partnership with Tesla is expected to further drive the demand for electric vehicles in Australia. According to Joel Larsen, the general manager of personal lending at Commonwealth Bank, nearly one in six of their new car loans are now for electric vehicles, with Tesla being the preferred choice for customers.

Under the partnership, Tesla buyers will be able to apply for a Commonwealth Bank personal loan as they order the vehicle online. The loans will be offered at a fixed rate of 5.49%, which is a discount of up to 1% compared to the standard vehicle loan rate.

Chris Moldrich, the general manager of asset finance at Commonwealth Bank, expects that many loan applications will come from businesses. A study conducted for the bank by East & Partners revealed that 40% of companies plan to deploy electric and hybrid vehicles in their fleets within the next 12 months. Mr. Moldrich believes that as long as there is a steady supply of electric vehicles, the demand from businesses will continue to grow.

In August, electric vehicles accounted for 6.4% of all new cars sold in Australia, with Tesla dominating the market by selling over 32,000 electric cars during the year. The Commonwealth Bank is not the only financial institution offering discounts on electric and hybrid vehicle loans, as other banks and institutions have also recognized the potential of the growing electric vehicle market.

The partnership between Commonwealth Bank and Tesla is expected to encourage more Australians to embrace electric vehicles and contribute to reducing emissions in the transportation sector.